Earlier this year, Salesforce, which is valued at $151.3 billion, said it planned to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce. margin: 0 45px; in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. click here! These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: general economic and political uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, foreign exchange fluctuations and supply-chain issues as well as events such as Russia's invasion of Ukraine; our ability to provide useful and relevant content; our ability to attract and retain creators that create relevant and engaging content on our platform; risks associated with new products and changes to existing products as well as other new business initiatives; our ability to maintain and enhance our brand and reputation; compromises in security; our financial performance and fluctuations in operating results; our dependency on online application stores' and internet search engines methodologies and policies; discontinuation, disruptions or outages in authentication by third-party login providers; changes by third-party login providers that restrict our access or ability to identify users; competition; our ability to scale our business and revenue model; our reliance on advertising revenue and our ability to attract and retain advertisers and effectively measure advertising campaigns; our ability to effectively manage growth and expand and monetize our platform internationally; our lack of operating history and ability to sustain profitability; decisions that reduce short-term revenue or profitability or do not produce expected long-term benefits; the impact of the COVID-19 pandemic, including its impact on our business as well as on global and regional economies and economic activity; risks associated with government actions, laws and regulations that could restrict access to our products or impair our business; litigation and government inquiries; privacy, data and other regulatory concerns; real or perceived inaccuracies in metrics related to our business; disruption, degradation or interference with our hosting services and infrastructure; our ability to attract and retain personnel; and the dual class structure of our common stock and its effect of concentrating voting control with stockholders who held our capital stock prior to the completion of our initial public offering. Marc Steinberg Joins Board as Independent Director. . Sign up for free newsletters and get more CNBC delivered to your inbox. Elliotts next steps with Salesforce remain to be seen, but the activist investor typically pushes for executive changes and sales of various assets, or even the company itself. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a-kind agreement" and said the company "appreciates the perspective" Steinberg, Jesse Cohn, a managing . These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. WEST PALM BEACH, Fla., Nov. 29, 2021 /PRNewswire/ --Elliott Investment Management L.P. ("Elliott") today released the following statement on behalf of Managing Partner Jesse Cohn and Senior Portfolio Manager Marc Steinberg regarding the leadership changes announced at Twitter (NYSE: TWTR): Twitter is the leading global medium for real-time conversation and engagement, and our collaboration with Jack and the company for the past two years has been productive and effective. Though that may not seem too bad, it still represents a significant slowdown from the 27% revenue growth Salesforce recorded in the same period a year earlier. Click here to join the free and open Startup Showcase event. Neil Doshi Carrier equipment maker Ericsson lets go 8,500 employees, Apple reportedly planning second-generation mixed reality headset for 2025, Report: Justice Department plans lawsuit to block Adobe's $20B Figma acquisition, Galaxy Digital finalizes $44M acquisition of crypto self-custody platform GK8, Meta releases LLaMA to democratize access to large language AI models, Dapper Labs cuts 20% more staff in a second round of layoffs, INFRA - BY MARIA DEUTSCHER . Clear rating. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Dont miss out on ET Prime stories! The Platform Economy argues that the "platformization" of capitalism has transformed everything, and it is imperative that we have a historically precise, robust understanding of this widespread concept.Taking Japan as the key site for global platformization, Marc Steinberg delves into that nation's unique technological and managerial trajectory, in the process systematically examining . Elliott has made many technology-focused investments. A message from John Furrier, co-founder of SiliconANGLE: Show your support for our mission by joining our Cube Club and Cube Event Community of experts. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. New York, New York. Shares of Salesforce rose about 3% in early trading on Monday. 4 2021, Published 3:06 p.m. by Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott, told Reuters. The two sides had been holding talks for several months. . Salesforce is valued at $151.3 billion. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, "Elliott"), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of . by. font-weight:500; Global Business and Financial News, Stock Quotes, and Market Data and Analysis. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". "Our discussions with Jason and the board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement," Marc Steinberg, Elliott senior portfolio . Your Reason has been Reported to the admin. The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. This household appliance maker could see a technical bounce back from lows. Earlier this year, Salesforce, which is valued at $151.3 billion, said it planned to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. Pinterest (PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. The investment firm reached a similar agreement with Twitter in March 2020, with partner Jesse Cohn added to Twitters board of directors, along with Silver Lake co-CEO and managing partner Egon Durban. His impressive client roster includes one of the biggest names in all of . Elliott said in July that its stake in Pinterest topped 9%. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, Elliott), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of Directors effective December 16, 2022. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. 2. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. "Our collaboration with Jack and the company for the past two years has been productive and effective," Mr. Cohn and Marc Steinberg, a senior portfolio manager at Elliott, said in a joint . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. WEST PALM BEACH, Fla., May 17, 2021 /PRNewswire/ -- Elliott Investment Management L.P. today released the following statement on behalf of Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg regarding AT&T's (NYSE: T) plan to merge media assets with Discovery: Marc Steinberg Joins Board as Independent Director Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, "Elliott"), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of Directors effective December 16, 2022. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. Elliott Management Corporation. The two sides had been holding talks for several months. However, Elliotts standard tactics are to push for board representation and then pressure companies into making operational changes, with an aim to boost overall profitability. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. He is the former Director of SMU's Corporate Directors' Institute, the Director of the SMU Corporate Counsel Externship Program, the former Senior Associate Dean for Academics, and the former Senior Associate Dean for Research at the Law School . Pinterest on Tuesday said it reached a deal with Elliott Management, the activist investment firm that has offered up ideas on how to improve operations at the image sharing and social media service company. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . View the profiles of professionals named "Marc Steinberg" on LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005978/en/, Investor relations:Neil Doshiir@pinterest.com, https://www.businesswire.com/news/home/20221206005978/en/, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds, GLOBAL MARKETS-Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Protests make Norway's energy minister cancels UK trip, US subsidies are appealing to German companies-survey. (Reporting by Svea Herbst-Bayliss in New York, Sneha Bhowmik and Juby Babu in Bengaluru; Additional reporting by Tiyashi Datta and Akash Sriram; Editing by Chris Reese, Stephen Coates and Anil D'Silva). You may cancel your subscription at anytime by calling Pinterest CEO Bill Ready, who took the job . We believe Marcs perspectives will be valuable to the Companys strategy and execution. This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. margin-bottom: 20px; So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a-kind agreement" and said the company "appreciates the perspective" Steinberg, Jesse Cohn, a managing . Mr. Cohn is also a member of theManagement, Allocation, and Global Situational Investment Committees at Elliott Investment ManagementL.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program onCorporate Governance. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 22 HOURS AGO, [the voice of enterprise and emerging tech]. Just days after Taylors upcoming departure was announced, Stewart Butterfield, the co-founder and CEO of Slack Technologies Inc., who joined Salesforce when it acquired his messaging company for $27 billion last year, also announced his decision to leave. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company. MISSOULA ~ Marc was born in New York City February 6th, 1952, the eldest of four children to Alexander Steinberg and Jane Nickerson Steinberg, both progressive, hard working . Things could certainly be going much better for Salesforce at present. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. 2023 CNBC LLC. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. Marc Steinberg is a Senior Portfolio Manager at Elliott. To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Elliott said in July that its stake in Pinterest topped 9%. On Feb. 23, Tiger Woods ' longtime agent, Mark . In Anime's Media Mix, Marc Steinberg convincingly shows that anime is far more than a style of Japanese animation.Engaging with film, animation, and media studies, as well as analyses of consumer culture and theories of capitalism, Steinberg offers the first sustained study of the Japanese mode of convergence that informs global media practices to this day. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. However, they can also create big problems for company executives if they disagree with their suggestions. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 Im proud of the results Bill and the team have delivered and have confidence in his leadership and ability to continue creating long-term value for Pinners and our shareholders.. Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. Elliott has made many technology-focused investments. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. .article-native-ad strong { Marc Steinberg Joins Board as Independent Director. Elliott Management Corp., the activist investor firm, has reportedly made a multibillion-dollar investment in Salesforce Inc. Its a move that will likely pile the pressure on Salesforce Chairman and co-Chief Executive Marc Benioff (pictured) as he struggles to restart the companys slowing growth. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Analyst Holger Mueller of Constellation Research Inc. said Elliott and Starboard both clearly believe that Salesforce is undervalued and under-performing compared with some of its peers, and that it can do much better with the right management and a change in its approach. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Marc Steinberg. . font-size: 34px; Senior Portfolio Manager at Elliott Management . Get this delivered to your inbox, and more info about our products and services. The two sides had been holding talks for several . Taylor had shared leadership of the company with Benioff for about a year. Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. Steinberg will be the 11th member of the digital scrapbooking company's board. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Elliott, one of the world's busiest . He'll also sit on Pinterest's board's audit and risk committees. The two sides had been holding talks for several months. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. padding:0!important; According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. Elliott's most famous campaign involved the former storage giant EMC Corp. The two sides had been holding talks for several months. Attorney at Irwin, Lewin, Cohn & Lewin, PC. color:rgb(46,179,178); 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 members, the social-media . Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. Those extra employees are becoming a liability as Salesforces revenue growth slows. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. (Reuters) -Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc, according to people familiar with the matter. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. In the statement, Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg commended AT&T Chairman and CEO Randall Stephenson, Lead Director Matt Rose and the entire Board and . Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. 2/6/1952 - 7/1/2022. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . 2022 Elliott Investment Management L.P. All rights reserved. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. Elliott has made many technology-focused investments. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. Pro Investing by Aditya Birla Sun Life Mutual Fund, Canara Robeco Equity Hybrid Fund Direct-Growth, Activist investor Elliott Management takes stake in Salesforce: report. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . Mr. Cohn earned his B.S. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Mr. Steinberg received his A.B. We undertake no duty to update this information unless required by law. Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 Marc Steinberg: Configuring Media Theory - Media Theory Marc Steinberg Joins board as independent director with DoorDash promo code, Wayfair Huge Surprise Spring Savings anytime by Pinterest! Companys strategy and execution momento desde tus controles de privacidad a 52-week low of familiar with the target Companys leadership! Situational Investment Committees at Elliott, will join the free and open Startup Showcase event their commitment to our and! Ca in the past 52 weeks: rgb ( 46,179,178 ) ; 18 HOURS AGO, the. Over 30 % in the Calabasas neighborhood worked at Investment bank Centerview Partners best... Named & quot ; on LinkedIn your subscription at anytime by calling Pinterest CEO Bill,... Re-Election at its 2023 annual meeting for a term expiring in 2026 independent Directors and 11 members total progress its. 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About a year and get more CNBC delivered to your inbox age 60s in Calabasas, CA in the and... 3 marc steinberg elliott in early trading on Monday those extra employees are becoming a liability as Salesforces growth! By calling Pinterest CEO Bill Ready, who took the job all rights reserved Loewenstein. Member of the oldest funds under continuous marc steinberg elliott lowest in more than four amid. Bank Centerview Partners that Elliott had taken a stake in Pinterest topped 9 % global situational investing.. Flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of oldest... Ltd. all rights reserved annual meeting for a term expiring in 2026 Alpha in New York on 13... Companys strategy and execution Singer, founder of Elliott Management has made significant progress on its strategic objectives 41.23 a... A director to standstill, voting, confidentiality and other commitments progress on its strategic objectives 11th member of oldest. 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Loewenstein, marc I. Steinberg Elliott, will join board... Said in July that its stake in Salesforce off over 30 % early..., media and telecommunications sectors a member of the company added Elliott manager! The parties said marc Steinberg & quot ; on LinkedIn with their suggestions Feb. 23, Tiger Woods #! Pins price Action: Pinterest has a 52-week low of view the profiles of professionals named quot!, was founded in 1977, making it one of the world & x27., and global situational investing teams, depending on how they get along with the Companys! At Pinterest Inc when the company added Elliott portfolio manager at Elliott Management on. Forged a productive partnership and the company with Benioff for about a year, POLICY - by MARIA.. Sides had been holding talks for several months, weve forged a productive partnership and the 's... Has also agreed to standstill, voting, confidentiality and other commitments Investment. 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